President Martinelli told German Chancellor Angela Merkel that Panama is exploring ways for the Euro to become legal tender, alongside the U.S. dollar.
International press has reported that the Panamanian President during a joint news conference with Merkel in Berlin, said: "In Panama, the currency in free circulation is the U.S. dollar and I said to the Chancellor that we are studying ways for the euro to become another legal currency and be accepted in the Panamanian market. "
The Andean Development Corporation (CAF) has approved a credit line of $210 million for medium-term loans for the Bank of Panama.
The agreement, signed by the Andean Development Corporation, the Bank of Panama and the Panamanian Ministry of the Economy, will open the way for the allocation of resources for the strengthening of Panamanian banking.
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